New Hampshire Product Liability Insurance Policy Information
New Hampshire Product Liability Insurance. This insurance is crucial when you run a business. When a claim is made against your company because of a problem with your product, having this type of insurance keeps you protected. Product liability is a must to keep your business covered if bodily injury or property damage occurs as a result of the use of your product. Covering your business with this type of insurance is important and can save you millions of dollars if you are sued. If your product causes damage to a buyer or a third party you are covered having this New Hampshire product liability insurance for your business.
When you run a business there are a wide range of risks that you need to be aware of that could potentially turn into a problematic legal situation. By being proactive and finding a solid New Hampshire product liability insurance policy from a reputable company, you can help to protect your business from future lawsuits.
New Hampshire product liability insurance protects your business from lawsuits with rates as low as $107/mo. Get a fast quote and your certificate of insurance now.
What Does NH Product Liability Insurance Protect Against?
Design Defect Claim - A design defect claim is when a person who bought your product claims that the product is unsafe because of a defect in its design. Once a person believes they were injured because of a defect in your product they can sue your company.
Manufacturing or Production Flaw - A person that buys your product and is injured could claim that during the process of producing the product a defect was created. Probably the person who bought the product is injured while using the product if so they could make this claim against your business.
Product Warnings And Instructions - If a person feels that they were injured by your product because you did not have enough warnings or instructions, then they could make this claim against your company. The claimant says that because of the lack of instruction they were injured while using your product and decided to sue your business.
You Need Protection Even If You Are A Seller
Most of the lawsuits that happen may fall on the manufacturer of the product, but there may be times when the suit could fall on the product seller as well. Typically if the seller directly imported the product from outside the USA, or if you white or private label or alter the product in any way. In a case like this, it is always a good idea as a vendor to have New Hampshire product liability insurance protection for your business. Product sellers include wholesalers, retailers, distributors, and resellers. Once you are involved in the process of selling the product you need to have this protection for your business.
If a seller helps to market a product to a buyer and that buyer is injured, that seller could be held liable. If the seller has to pay for the damaged caused to a buyer then the seller could turn around to sue the manufacturer to make up for the losses from the lawsuit.
If a buyer can prove that the product manufactured contains a defect, injures the buyer or the injury occurred while the buyer was using the product then the buyer may win a product liability lawsuit. In a case like this, the seller or the manufacturer can be sued in the absence of negligence.
Payment For Damages
When your business is sued, you may have to pay for the expenses that occur as a result of using your product. Whether it is medical expenses, loss of income or pain and suffering your business may have to pay. Lawsuits against your business can cost you lots of money, and having the right New Hampshire product liability insurance coverage is the way to keep your business protected when it does.
Product Liability Insurance Costs
You may have a business that manufactures a hazardous product, because of this, it may be harder for you to get product liability insurance. Using a specialty insurer can help you to get this type of insurance. Using a surplus lines broker helps you to find this kind of insurer. How much you're charged for liability insurance depends on the type of product your business produces. The more hazardous the product made by your company, the more expensive it is to get insurance. However the lower the hazard risk of your product the less money you'll have to pay. When getting this type of insurance, your insurer will categorize your business and assign a class code.
NH Product Liability Insurance
When you make products and people buy these products, there is always the chance that your business could be sued because of these products. Having product liability insurance protects you in cases where your company is sued because of your product. Speaking with an experienced insurance agent can help you to find the right insurance for your business. Taking the time to find the right insurance for your company and can save your business from financial ruin if you are ever sued in the future.
New Hampshire Economic Data, Regulations And Limits On Commercial Insurance
You have an entrepreneurial spirit and a great idea for a business, now you just need to decide on a location for your headquarters. Before you pick a location, it's important to take several factors into consideration and weigh your options.
If the area doesn't offer a market that the products and/or services you intend on offering will appeal to, and the overall economic climate isn't healthy enough to support a business, there's a good chance you aren't going to achieve the success you desire.
How can you determine where to set up shop? By assessing the economic trends of a location, as the economy of an area offers good insight about the potential for success. Additionally, you should consider the commercial insurance requirements of an geographic location so that you know what type of policies you'll need to have in place.
If you're thinking about starting a business in New Hampshire, read on for an overview of the state's economic trends and mandated commercial insurance policies.
Economic Trends For Business Owners In New Hampshire
As of December, 2019, the unemployment rate in the Granite State was 2.6%, which was 0.9% below the national average of 3.5%. This statistic indicates that the economy of New Hampshire is healthy, as there are enough job opportunities to support the residents of the state, and those employment opportunities directly reflect the health of businesses in the state.
Additionally, New Hampshire offers a diverse workforce that is comprised of individuals from varied backgrounds, so prospective business owners should have ample opportunities to secure employment for their organizations.
In addition to the low unemployment rate, the Granite State offers many other features that will appeal to business owners; low taxes, an above-average per capita personal income, and the close proximity to large regional markets, just to name a few.
While businesses of varying sizes and in various industries can find success in the state of New Hampshire, there are some sectors that show particular promise. The leading industries in the state are as follows:
- Bio Science and health care
- High-tech manufacturing
- Hospitality and tourism
The best locations for business owners within NH include metropolitan regions and the surrounding areas. This includes Portsmouth, Portland, Concord, Derry, and Londonderry.
Commercial Insurance Requirements In New Hampshire
The New Hampshire Insurance Department regulates insurance in NH. New Hampshire mandates very few forms of insurance coverage by law. They enforce worker's compensation.
New Hampshire requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
New Hampshire also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Manufacturing Insurance
Learn all about manufacturing insurance. Manufacturers face many unique risks such as product libility and/or product recall exposures due to the nature of their business operations.
- Audio & Video Equipment
- Auto Parts
- Brooms & Brushes
- Camping Equipment
- Canned Fruit & Vegetables
- Canvas Products
- CBD Oil And Hemp
- Clock & Watch
- Commercial Air Conditioning
- Commercial Electronics
- Communications Equipment
- Construction Equipment
- Cork Products
- Down And Feather Products
- Dry Ice
- Dyes & Pigments
- Electronic Toys & Games
- Exercise Equipment
- Farm Equipment
- Feed & Grain
- Fur Garment
- Garage Door
- Gypsum Products
- Iron & Steel Foundries
- Lawn Mowers
- Leather Apparel
- Lighting & Wiring
- Lumber & Wood Products
- Machine Shop
- Major Electrical Appliances
- Marijuana Products
- Mattresses & Box Springs
- Metal & Plastic Furniture
- Metal Heat Treating
- Metal Toys
- Musical Instruments
- Nonferrous Foundries
- Ornamental Metalwork
- Paper & Allied Products
- Pet Food
- Plastic & Rubber Toys
- Plastic Goods
- Plastics Molding, Forming & Extruding
- Product Liability
- Pulp & Paper Mills
- Residential Air Conditioning & Heating
- Rubber Goods
- Sawmills & Planing Mills
- Screw Machine Products
- Sheet Metal
- Soap & Detergent
- Small Electrical Appliances
- Sporting Goods
- Stone Products
- Textiles Finishing & Coating
- Tool & Die Shops
- Vending Machines
- Wire Rope
- Wood Furniture
- Writing Instruments
For manufacturers, having the proper coverage is very important. You will need Products/Completed Operations Liability Coverage to protect you against injuries or property damage cause my the products you make or sell.
Manufacturing is an extremely broad category that includes countless potential hazards and exposures in virtually all coverage areas. Because of this, every individual manufacturer is unique and a specific risk survey of every operation is advisable.
The basic insurance needs for every class of business or operation includes property coverage for buildings, machinery and equipment, as well as for raw stock and finished products.
Liability insurance for premises exposures is important but products liability insurance presents greater concerns so these exposures and coverage needs must be evaluated carefully.
In addition, protection for injuries to workers, environmental coverages and automobile insurance are priority items.
What does the insured does that could result in a covered loss? The insuring agreement only requires that the insured be legally obligated to pay damages for injury to others or damage to their property included within the products-completed operations hazard covered by the insurance.
Because of this, every product manufactured and completed operation exposure for each named insured must be determined, described and evaluated to be certain that each represents acceptable exposures, or are acceptable classes of business to the insurance company providing coverage.
Once the extent of all business activities and operations is determined, the process of identifying hazards begins. The first step in the process is completely listing and describing all current products being manufactured and projects being worked on.
The next step is obtaining the same information for discontinued products and completed projects for the past five to 10 years, depending on the products or projects involved. This should include an explanation of why the products were discontinued. If some completed projects were of a different type than those currently being worked on, an explanation is in order, including whether the insured may resume them in the future.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income with Extra Expense, Equipment Breakdown, Employee Dishonesty, Accounts Receivable, Computers, Goods in Transit, Valuable Papers and Records, General Liability, Employee Benefits Liability, Environmental Impairment Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free New Hampshire Product Liability insurance quote in Allenstown, Alton, Amherst, Atkinson, Auburn, Barnstead, Barrington, Bedford, Belmont, Berlin, Boscawen, Bow, Brentwood, Brookline, Canaan, Candia, Charlestown, Chester, Claremont, Concord, Conway, Danville, Deerfield, Derry, Dover, Durham, Enfield, Epping, Epsom, Exeter, Farmington, Franklin, Fremont, Gilford, Goffstown, Greenland, Hampstead, Hampton, Hanover, Haverhill, Henniker, Hillsborough, Hinsdale, Hollis, Hooksett, Hopkinton, Hudson, Jaffrey, Keene, Kingston, Laconia, Lebanon, Lee, Litchfield, Littleton, Londonderry, Loudon, Manchester, Meredith, Merrimack, Milford, Milton, Moultonborough, Nashua, New Boston, New Ipswich, New London, Newmarket, Newport, Newton, North Hampton, Northfield, Northwood, Nottingham, Ossipee, Pelham, Pembroke, Peterborough, Pittsfield, Plaistow, Plymouth, Portsmouth, Raymond, Rindge, Rochester, Rye, Salem, Sandown, Seabrook, Somersworth, Strafford, Stratham, Swanzey, Wakefield, Walpole, Weare, Wilton, Winchester, Windham, Wolfeboro and all other cities near me in NH - The Granite State.
Also find New Hampshire insurance agents & brokers and learn about New Hampshire small business insurance requirements for general liability, business property, commercial auto & workers compensation including NH business insurance costs. Call us (603) 601-4771.